Dogecoin (DOGE) is currently trading around $0.23, with the potential to form a double bottom. Key levels to watch include $0.26 for confirming an upward trend.
DOGE Nears Key Reversal Zone
As of the latest update, Dogecoin (DOGE) was trading around $0.23, having fallen 1% in the last 24 hours and a total of 3.5% over the week. Technical analysis suggests a potential double bottom forming between April and July, with both lows situated just below $0.20. The crucial level for this pattern is at $0.26. If DOGE breaks above and holds this price, it could lead to a significant rally towards $0.46.
Large Holders Accumulate Over 300 Million DOGE
According to market analysis, large wallets have added more than 310 million DOGE, following a brief sell-off indicating that big buyers are re-entering the market. While this does not necessarily indicate an uptrend, it can reflect expectations for a potential upward move. The next sessions will reveal whether this buying pressure continues.
Market Activity Cools Despite Setup
CoinGlass data shows that Dogecoin's daily trading volume has dropped by 32%, now standing at $11.83 billion. Open interest decreased by 4%, now at $3.94 billion. Options volume also fell by 23%, with more than 50% reduction in open interest for options. Despite the bullish chart structure, the current decline in trading activity reflects a cautious stance among market participants.
By observing Dogecoin's dynamics and current levels, attention should be focused on the $0.26 mark, which may prove crucial for the asset's future growth.
